Category: Startup 101
What is Sales Tax & Do I Need to Charge Sales Tax?
In the United States when you go to the store to purchase something, let’s say we go to purchase a T shirt, we buy the T shirt and when we go to the register to pay we give them cash, a debit or a credit card and they give us a receipt. When you look at the receipt, you will notice that at the end of each receipt, before the total, there is a subtotal showing the cost of the purchase, then there is the added sales tax, then the total amount, which is what you are required to pay.
Business Insurance, including Professional and General Liability and Healthcare
In this article, we will discuss business liability insurance, including general and professional liability insurance and other add-ons and considerations and how to determine what insurance you need.
At the end, we will also address health, life and disability insurance, which is a completely separate topic but commonly asked about.
Risks and Insurance for a Home-Based Business
When working from home, you have to make sure that the business activity you plan to perform does not violate any local zoning or business laws.Â
Pass-Through Taxation
Sole proprietorships, partnerships, S corporations, and LLCs are all subject to pass-through taxation. These types of companies are known as pass-through entities, which means that these are entities are not paying taxes as a corporation, instead, their profits will pass through to its members to be reported on their personal tax returns. All profits are only taxed once, at each member’s individual income tax rate.Â
